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I still live at home and am 24, as, because I picked oh-so-wonderfully in the college major department, I owe $35,000+ and can't find a job. Will what my parents make gently caress me over in terms of qualifying for stuff like income-based repayment and the like?
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Aug 22, 2011 05:59
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Wiggy Marie posted:Futanari Rastafari, I'm glad you got that sorted out. The rule for federal aid, though, is that you must turn 24 within the aid year - so if you didn't qualify as an independent this time because you're not turning 24 within the Fall-Spring aid year, you wouldn't in the Spring either. This is why the FAFSA asks if you were born before a specific date when you apply. I'm sorry That is unfortunate but good to know now and not in November. So do I realistically have any options at all? I feel like I hit the perfect storm when it comes to getting no loans at all. My situation again is: 1.) No credit history and currently not working. (I could, but I am not eager to on top of 17 credits of Engineering.) 2.) Parents make too much for FAFSA to consider me but are struggling with debt, which is not taken into account when applying. 3.) No ability to claim being an independent at this time. I noticed that there is an option where, if my parents refuse to file, I may appeal to my Financial Aid office to clear me for an unsubsidized loan. Would explaining my situation even be worth the time? Anyways, thank you for the help so far, and if there is some blatant area of loan help I am missing please let me know. Good luck in your semester as well!
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Aug 22, 2011 08:21
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I cannot figure this out, help?
Gucci Loafers fucked around with this message at 08:24 on Aug 22, 2011 |
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Aug 22, 2011 08:22
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CraigK posted:I still live at home and am 24, as, because I picked oh-so-wonderfully in the college major department, I owe $35,000+ and can't find a job. Will what my parents make gently caress me over in terms of qualifying for stuff like income-based repayment and the like? No, the only incomes that matter for IBR are yours and your spouse's.
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Aug 22, 2011 10:38
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http://www.irs.gov/pub/irs-pdf/f1040ez.pdf Tab8715, the line F stuff is on page two of this pdf.
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Aug 22, 2011 12:48
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I have a fairly significant amount of student loan debt that I'm paying off on a 10 year plan, and doing lump sum payments on the higher interest rate individual loans as I have cash available. Half the debt is at around 3% interest, while the other half is at 6.8%. Can I put the 3% interest rate payments on a 25 year plan to lower their monthly payment and contribute even more to the 6.8% ones? Is this even worthwhile?
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Aug 22, 2011 22:57
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IdeoPhanthus, you could call the servicer and ask for the amount that accrued but I doubt they'll be able to tell you quickly. As for the current interest, these loans are "simple", which means they accrue interest daily, which means every payment you make satisfies however much interest has accrued since the last payment. So until you pay off the loans, there's always daily interest accruing during repayment/a forbearance. CraigK, no because it is only based on your personal income. However, you do have to have an AGI (through filing taxes) in order to qualify for income-based programs. In the meantime, have you looked into deferments? Futanari Rastafari, yes it's worth the time because it in no way hurts you. Besides federal loans, the only other option are private loans (ugh, I know). This would require a cosigner. Once you can take out aid as an independent next year, maybe you could pay the private loan back ASAP. Tab8715, because someone else claims you your exemptions are 0. Speaking of which, if anyone needs help with the process of verification, I am a drat expert on this process now! Kyashi and Konstantin, thank you for your help! mastershakeman, assuming you can consolidate the 3% loans together and the balance is high enough to justify a 25 year repayment plan, why not? You definitely want to get the higher rates paid off faster.
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Aug 23, 2011 01:17
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Wiggy Marie posted:FISHMANPET, it is much much easier to pay everything in small payments than in one large chunk at the end. Also, a series of smaller payment will almost guaranteed start hitting principal balance instead of just interest, which will benefit them greatly once they're graduated. What I remember right before my six month in school deferment ended is they sent me a letter that said I had $500 in interest exclusively on the principal (they weren't charging interest on the accrued interest), and if I paid it before the 6 months were up it wouldn't capitalize, and if I didn't pay it, not only would it capitalize, but they would add back interest charged on the earned interest, so that when I didn't pay, my total balance was $1000 more than I'd borrowed, rather than only $500. Or at least that's how I interpreted it. Anyway, My monthly payment is $181.xx, but I'd like to pay an even $200, what's the easiest way to do that automatically? Right now I'm having my payment taken out automatically ever month via dl.ed.gov, giving me the 1/4% interest rate deduction. Is there a way I can set that up to take out $200 instead of statement balance, or do I need to set up a series of scheduled payments for $20 a month?
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Aug 23, 2011 17:58
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Wiggy Marie posted:mastershakeman, assuming you can consolidate the 3% loans together and the balance is high enough to justify a 25 year repayment plan, why not? You definitely want to get the higher rates paid off faster. I'm honestly not sure why I didn't do this before, thanks. Problem is half my loans just go moved from Citi to Sallie, so I'm going to have to deal with both of them to find out what exactly I can do with these loans to set them to longer repayment plans in order to speed up payments on my higher interest ones.
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Aug 23, 2011 19:22
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IdeoPhanthus posted:I'm going to apply for a temporary hardship forbearance. How do I know how much interest got racked up during it? I went on a temporary forbearance for about a 6mo period years ago, and couldn't find info anywhere on the interest that accrued during that time. I feel like I'm going to be paying on this until I die, considering I've been paying on the loan since '07 (did a deferment from '06-'07) and only paid $622 off the principal (and $1330 in interest). To be honest, the easiest way to figure out how much interest would accure would be to call your servicer, I know it's really easy for me to be able to tell people. As for paying it off, how many of the 'How to pay off your loan like a champ' steps have you done? As for the interest, it accrues daily. That $66 is probably the interest that has accrued since your last payment. FISHMANPET posted:What I remember right before my six month in school deferment ended is they sent me a letter that said I had $500 in interest exclusively on the principal (they weren't charging interest on the accrued interest), and if I paid it before the 6 months were up it wouldn't capitalize, and if I didn't pay it, not only would it capitalize, but they would add back interest charged on the earned interest, so that when I didn't pay, my total balance was $1000 more than I'd borrowed, rather than only $500. Okay, here's a a hypothetical situation that might explain this. Say you have a $100 loan with a 1% interest rate. A dollar a day accrues in interest. Let's say you do a forbearance for 20 days. $20 is added to the original $100, so now your principal balance is $120. Interest the next day will be $1.20, which is 1% of your principal balance. That's how capitalization works, roughly. Also, I know with our auto debit program that's definitely something you can do, so I check around the website for an alternative payment amount. mastershakeman posted:I'm honestly not sure why I didn't do this before, thanks. Problem is half my loans just go moved from Citi to Sallie, so I'm going to have to deal with both of them to find out what exactly I can do with these loans to set them to longer repayment plans in order to speed up payments on my higher interest ones. I don't see why you don't just stick with the schedule you have and pay more to the higher interest rates, honestly.
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Aug 23, 2011 20:04
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I've been repaying my student loans since March, and I was wondering if you can give me an explanation as to why the amount applied to the principal keeps going down while the amount going to interest goes up. I owe $174 a month, but I pay $200 so I can catch up a little bit faster. Am I doing something wrong? Payment Amount Applied to Principal Applied to Interest Applied to Fees & Charges 08/18/2011 $200.00 $80.17 $119.83 $0.00 07/18/2011 $200.00 $91.37 $108.63 $0.00 06/20/2011 $200.00 $71.61 $128.39 $0.00 05/18/2011 $200.00 $82.89 $117.11 $0.00 04/18/2011 $200.00 $78.61 $121.39 $0.00 03/18/2011 $200.00 $129.14 $70.86 $0.00
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Aug 27, 2011 08:21
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tishthedish posted:I've been repaying my student loans since March, and I was wondering if you can give me an explanation as to why the amount applied to the principal keeps going down while the amount going to interest goes up. I owe $174 a month, but I pay $200 so I can catch up a little bit faster. Am I doing something wrong? From what you've posted, there really isn't a conclusive pattern like you say. It looks like your loans may have started accruing interest, but not a full month's worth as of the 3/18 payment. 4/18 and 5/18 payments are then in line with a slowly increasing principal payment as you would expect. The 6/20 payment had a couple of extra days of interest going on which swung the numbers about how you would expect. The 7/18 payment then had 2 days less interest accrued, again matching how you'd expect it to look with an increased principal payment. The 8/18 payment is the only one that doesn't quite match up, but it's within reason. Regardless, you should be able to call your loan provider and ask for a breakdown of when interest is applied to your account and how your payments were applied. Nothing looks obviously wrong here.
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Aug 28, 2011 21:03
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Zertuk fucked around with this message at 23:10 on Dec 1, 2018 |
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Aug 29, 2011 18:09
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If I have enough in my Savings to pay in full one but not all of my student loans, should I do it? Some background: I'm 25 and I pay about $200/month in student loan repayment, and if I can reduce that and not have to pay so much interest over time, I feel like it might be worth dipping in to Savings. This is the only debt I have. I currently have $5,000 in Savings, and it will probably not go any higher for a year. If anything it might go lower to cover monthly expenses or unknowns. My loans:
Subsidized Federal Stafford, $3,000 balance, 6.8% interest Subsidized Federal Stafford, $3,300, 6.8% Subsidized Federal Stafford, $3,000, 6% fixed Federal Perkins, $3,500, 5% fixed the tingler fucked around with this message at 18:46 on Aug 29, 2011 |
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Aug 29, 2011 18:29
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Zertuk posted:I know that if I fall below part time status my current federal loans will enter their grace period of 6 months. If I still have a class and am under part time will I be able to receive any new federal loans for this semester? Your school will report when you drop below half time so it won't help you to get a deferment. As for actually getting the money, it's worth a shot. burritonegro posted:If I have enough in my Savings to pay in full one but not all of my student loans, should I do it? I'd kill off one of those 6.8% loans and keep the rest in savings. Good job having only subsidized loans by the way, if you ever go into a deferment you'll be thanking your lucky stars you only have those. Edit: Also, always fully pay off a loan when you can. If you can stop the interest accruing, it's always a good thing. Just remember to take out the ones with the highest interest first.
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Aug 29, 2011 21:08
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Zertuk posted:I know that if I fall below part time status my current federal loans will enter their grace period of 6 months. If I still have a class and am under part time will I be able to receive any new federal loans for this semester? Yes, you can still receive your loans. If you are receiving loans for a full-time course load, it is in your own best interest to return the unused portion (but you don't get any particular penalty for not doing so afaik). burritonegro posted:If I have enough in my Savings to pay in full one but not all of my student loans, should I do it? No, you need that money for emergency expenses. $5k is a little on the low end for emergency savings in fact. If you are living magically on like $600/month gross expenses, you could afford to pay down perhaps $1k of a high interest loan.
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Aug 29, 2011 21:09
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Zertuk, just to add a note, if you take more classes just to get more loans and then drop, the school will refund the portion of the loans they no longer needed from the funds they originally kept and then bill you for the tuition. They are required to refund funds by federal regulation, so you WILL be getting a bill in that case. I suggest you take two classes for real and just stay half-time. You can return any loan amounts you don't need without worrying about a tuition bill coming for you in your sleep.
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Aug 30, 2011 03:01
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I heard through a not terribly reliable source that the debt ceiling bill ended subsidized student loans and even subsidized loans taken out before the bill passed will start accruing interest at some time next year. I'm in grad school for a minimum of 18 more months (though on fellowship now, no longer need loans) and I have one subsidized loan left. Am I going to have to start making payments while I'm still in school and broke?
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Aug 31, 2011 01:50
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thepedestrian posted:I heard through a not terribly reliable source that the debt ceiling bill ended subsidized student loans and even subsidized loans taken out before the bill passed will start accruing interest at some time next year. I'm in grad school for a minimum of 18 more months (though on fellowship now, no longer need loans) and I have one subsidized loan left. Am I going to have to start making payments while I'm still in school and broke? No. In any case, when you signed the contract aka master promissary note, you agree to those terms for those loans. Nothing will change that agreement you made with the federal government. Also, if that was true, you can believe I would have known about it and told everyone. You'll be fine.
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Aug 31, 2011 04:46
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thepedestrian posted:I heard through a not terribly reliable source that the debt ceiling bill ended subsidized student loans and even subsidized loans taken out before the bill passed will start accruing interest at some time next year. I'm in grad school for a minimum of 18 more months (though on fellowship now, no longer need loans) and I have one subsidized loan left. Am I going to have to start making payments while I'm still in school and broke? Actually, this is partially true. The recent bill removed subsidized loans for graduate/professional students. This isn't effective immediately, but it will go into affect within the next couple of years. As far as I'm aware, this doesn't mean you'll have to start making payments on unsubsidized loans - it just means all of your balance will be accruing interest instead of a portion. Yes, this was nestled into the lovely bill. No, no one knew about it. Ain't politics grand?
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Sep 1, 2011 02:09
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Double posting to add further information about what was taken away with the debt ceiling bill. Please notice incentives for paying on time are also kaput: http://www.dailycal.org/2011/08/03/federal-graduate-loan-subsidy-eliminated-in-debt-ceiling-deal/
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Sep 1, 2011 02:11
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Wiggy Marie posted:Double posting to add further information about what was taken away with the debt ceiling bill. Please notice incentives for paying on time are also kaput: Here's a question - suppose your federal student loan repayment period will begin in January 2012 - will you still get the incentives after a year of on-time payments?
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Sep 1, 2011 04:54
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baquerd posted:Here's a question - suppose your federal student loan repayment period will begin in January 2012 - will you still get the incentives after a year of on-time payments? There really aren't any incentives, unless you're military or signing up for auto debit, for student loans disbursed now.
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Sep 1, 2011 05:14
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Effexxor posted:There really aren't any incentives, unless you're military or signing up for auto debit, for student loans disbursed now. That's astonishingly lovely for them to change the existing loan terms under thousands of students.
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Sep 1, 2011 13:19
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There's an article here: http://www.csmonitor.com/Business/2011/0809/Budget-cuts-five-groups-likely-to-feel-the-pinch/College-and-graduate-students This says the incentives will continue if you're signed up for auto-payments. I haven't heard anything from either of my lenders about this. Though, one of them is/was Citibank and I still haven't heard from Sally Mae since the initial "we bought you!" email.
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Sep 2, 2011 17:42
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baquerd posted:That's astonishingly lovely for them to change the existing loan terms under thousands of students. They aren't changing anthing for people who had incentives besides the ones I talked about earlier when they signed their promissary note. Ever since the Department of Education became the only one able to originate loans, they haven't had any incentives besides those very basic ones. When companies were allowed to originate, with money backed by the Department of Education anyway, they had the nice incentives, and people with those loans still get their incentives. They haven't taken any incentives away from anyone who had them when they signed their promissory note. Also, thanks to whichever goon posted the screenshot showing what the options were for each loan type for consolidation, I actually logged on and check this thread to find what the borrower needed.
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Sep 2, 2011 21:52
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Effexxor posted:They aren't changing anthing for people who had incentives besides the ones I talked about earlier when they signed their promissary note. Ever since the Department of Education became the only one able to originate loans, they haven't had any incentives besides those very basic ones. When companies were allowed to originate, with money backed by the Department of Education anyway, they had the nice incentives, and people with those loans still get their incentives. They haven't taken any incentives away from anyone who had them when they signed their promissory note. So then the answer to my question is that you would still have the 12 month on-time incentive if your loans will exit their grace period before June 2012 as long as they are through the direct loan service? My sister has been promised these incentives directly from the government and she'll be affected by this.
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Sep 2, 2011 22:05
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Zantie posted:This says the incentives will continue if you're signed up for auto-payments. I haven't heard anything from either of my lenders about this. Though, one of them is/was Citibank and I still haven't heard from Sally Mae since the initial "we bought you!" email. Please, please, PLEASE contact Sallie Mae. They almost hosed me over royally as I explained earlier in the thread - make sure they haven't issued you a statement already that you don't know about. I suggest calling their Office of the Customer Advocate at this number - all the attendants are US-based and they'll respond to you in a timely manner if you leave a voicemail: https://www1.salliemae.com/about/corp_leadership/management/advocate.htm quote:1-888-545-4199
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Sep 3, 2011 03:51
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Ok, I phrased things poorly. I am concerned about my subsidized loans (which were taken out in ~2008) becoming unsubsidized and interest will start accuring. It seems this will indeed happen in July of next year? From that CS Monitor article linked above:quote:Starting July 1, 2012, that subsidy will stop, and interest will begin to accrue while students are still in school.
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Sep 3, 2011 16:21
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Eugene Jerome posted:Please, please, PLEASE contact Sallie Mae. Thankfully Citibank is still accepting my payments so I'm not to that stage *yet.* I did read what happened to you last month and am totally bookmarking that just in case.
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Sep 3, 2011 16:39
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Welp that was short-lived. I just sent those advocates an email with my old address and maiden name included because my new address and married name seem to be confusing Sallie Mae. I really want to avoid calling because my phone is pre-pay and I *really* don't feel like spending 10 cents/min. on names that can be too easily misheard or misspelled. My posting last week jinxed it I'm sure  [Edit] Was on the phone for less than 10 minutes and everything's sorted out! Awesome. Zantie fucked around with this message at 00:51 on Sep 8, 2011 |
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Sep 7, 2011 04:53
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Effexxor posted:As for paying it off, how many of the 'How to pay off your loan like a champ' steps have you done? I consolidated back in '06 as soon as my 6mo grace period was up. So currently my loan is a subsidized consolidation loan. So no multiple loans to worry about paying off certain ones first. I made no payments during the grace period since I was jobless. I tried making a couple principal-only payments, but they seemed to ignore my request; maybe I'm doing it wrong, because I tried to do the same thing on a car loan in the past and it didn't work. I've had to do a short forbearanc in the past, since it didn't seem I was eligible for a deferment, but I had no money to pay so it had to be done. I try to always pay more using whatever's left in my account after other bills. Sometimes it's only a couple bucks, and other times it's more like $20. Though some months I put the extra toward the credit card bill. My husband has been paying all the bills, and he was able to get approved for unemployment, but I have to apply for something to reduce/put off my payments. I would still pay off interest. The extra money is needed elsewhere... like paying off his remaining fines so he can get his license back, which would help us immensely since it opens up job prospects (currently limited to the immediate area, which has very few jobs).
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Sep 7, 2011 17:14
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IdeoPhanthus posted:I consolidated back in '06 as soon as my 6mo grace period was up. So currently my loan is a subsidized consolidation loan. So no multiple loans to worry about paying off certain ones first. I made no payments during the grace period since I was jobless. I tried making a couple principal-only payments, but they seemed to ignore my request; maybe I'm doing it wrong, because I tried to do the same thing on a car loan in the past and it didn't work. I've had to do a short forbearanc in the past, since it didn't seem I was eligible for a deferment, but I had no money to pay so it had to be done. I try to always pay more using whatever's left in my account after other bills. Sometimes it's only a couple bucks, and other times it's more like $20. Though some months I put the extra toward the credit card bill. Have you done the alternative documentation form for the Income Based Repayment plan? If you're making little to no income for this past year, you'd absolutely qualify for $0 payments.
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Sep 7, 2011 19:11
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I browsed through the last few pages of the thread but I'm still not sure what to do in my situation. I'm an undergrad and I only have subsidized federal loans, which I can check from https://www.dl.ed.gov. I took summer classes this year that I eventually had to drop out of, so the website tells me that I was no longer enrolled as of July. I'm currently in my grace period and that's going to expire in January 2012. But I'm enrolled right now for the Fall semester and I will be for Spring 2012. (Spring 2012 will be my last semester.) Do I need to fill out a deferment request form from the dl.ed.gov website, or do I just have to tell my school to update my enrollment status for the feds? And if I fill out the form, will the feds know that I'm entitled to my full six month grace period? The deferment form seems to indicates that I'll be immediately responsible for payments after I graduate. My school's financial aid office was clueless when I asked them...
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Sep 13, 2011 21:24
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I think some schools will tell the government you're in school, others make you fill out a form. I have a question too. I also only have federal loans and I might be interested in going to grad school overseas. Can I still apply for in-school deferment if the school is located outside the United States?
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Sep 14, 2011 00:50
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Devvo posted:My school's financial aid office was clueless when I asked them... Man, this is just so sad! Why financial aid offices, why must you suck. Anyway, assuming you mean that you're enrolled for the current Fall semester at least half-time or more, your registar's office should notify servicers and update you back to in-school deferment. There's also an in-school deferment form you can take in to the registrar to have filled out and sent to any servicer you need it send to. That's a good way to get a jump start on the process. hitension, you can IF it's an accredited university through the US department of education. If not, you may be able to qualify for an in-school forbearance - but only may because this still might require you to be going to a US school. Call your servicer and check on that.
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Sep 14, 2011 01:54
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Boy oh boy, just as I was feeling pretty good about my loan situation I went to check in at Direct Loans because they sent me an email saying I had an electronic correspondence. I'm on IBR right now, have been for ~8 months, and my monthly payment on two loans is about $300. I have some private loans as well that I've gotten close to paying off, so the low-ish payment on my fed loans has been great. That and I work for a non-profit and hope to go right from this job to something in the federal government, so with IBR whatever is left in about 9 years is going to be forgiven (in theory...crossing my fingers). Looking at my loans in detail, my payment is going almost entirely to paying off monthly interest, and my total amount owed on my loans is virtually the same as it was at the beginning of the year.  This is such a dilemma for me because on the one hand, I could continue to pay the IBR amount for 10 years, and if I do manage to have the job path I want, and if all the stars are in alignment, I could get an incredibe deal and only have to pay back a fraction of my federal loans. On the other hand, if I don't manage to stay in non-profit/government, then I'm going to be paying on these loans for 25 years or less and will end up paying a lot of interest, and it would be better for me to be paying more than the minimum right now. I guess I should just focus on my monthly loan payment for now and not so much the total amount due. Keep paying what they want from me and it will allow me to pay down my private loans quicker and save for emergencies/retirement. Then if I have to change jobs along the way to something that disqualifies me from the 10yr forgiveness, I'll start to pay more than the minimums. No questions in this post I guess I just needed to vent a bit. Wish there was some way to lower the interest rate on my federal loans. $50k at 6.8% ughhh.
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Sep 14, 2011 15:38
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FISHMANPET posted:Don't worry about paying anything until your loan is almost out of deferment. You can see how much interest you've accumulated, and just pay that off before you're out of deferment. Until that point, interest is only charged on the principal, not on interest you've earned. Once you're out of deferment it "capitalizes" and it turns into interest on the principal + accumulated interest, so just pay off that interest once before it capitalizes, and you'll be fine. I don't think I have deferment. My loan is unsubsidized stafford loan which means I take interest immediately. What's really annoying is I honestly only requested 3250. Say they up'ed my loan limit. I asked them why. They said because of my grades if I read the email right. They being my in state florida university. The thing is they not only raised the amount I can take out but had me take out more. Now I've taken out 3700 hundred instead of 3250 and I can swear I never changed the amount I had written in originally. burritonegro posted:If I have enough in my Savings to pay in full one but not all of my student loans, should I do it? This is strange. I have the FEDERAL UNSUBSIDIZED STAFFORD LOAN and I thought my interest rate was 6.8 percent according to this: http://www.staffordloan.com/stafford-loan-info/unsubsidized-student-loan.php Why aren't you getting a lower rate? What' worse is I accepted 3250 in total knowing " that the amount you enter will be equally divided between your Fall and Spring semesters." I really should call my school financial aid office about this. They signed me up for 3750 for both fall and spring. They really hosed this up. Yeah my school hosed up. I logged into my loan and am looking at the disclosure statement. Half of 3250 is my net loan amount. Net Loan Amount Unsubsidized Loan $1,625.00 – $16.00 + $8.00 = $1,617.00 Yet the school gave me 3700. Did I just pick up the "bank makes mistake in your favor" monopoly card. No that can't be right... It says I've accepted 3700 dollars under my financial aid toolkit on the schools site, even though I don't recall doing so. Meaning I've accepted a larger amount from Stafford. So shouldn't there be a new disclosure statement now with the larger amount of money I took out? Under the disclosure statement it states "If there are further disbursements to be made on the loan(s) the school will inform you. " According to the school I've accepted 3700 dollars. Does there necessarily need to be a new disclosure statement to reflect this? Its still odd that my loan amount increased because my grade level changed AND I changed my loan amount. Theres like no way to prove I did or did not renenter a new amount in my mind. I guess I could complain and have it set back to the original amount but they might withdraw my loan entirely if I do this? Within 120 days of the date the school disburses your loan money (by crediting the loan money to your account at the school, by paying it directly to you, or both), you may return all or part of your loan(s) to us. Contact your servicer for guidance on how and where to return your loan money. You do not have to pay interest or the loan fee on the part of your loan that is cancelled or returned within the timeframes described above What if I start paying back my loan before I need to make my "required monthly payments?" Do I still get therebate? Also if I had a job and began making monthly payments and had it paid off within 120 days, I wouldn't be charged any interest according to the above, correct? Kneel Before Zog fucked around with this message at 03:22 on Sep 20, 2011 |
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Sep 20, 2011 02:29
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Kneel Before Zog posted:I don't think I have deferment. My loan is unsubsidized stafford loan which means I take interest immediately. What's really annoying is I honestly only requested 3250. Say they up'ed my loan limit. I asked them why. They said because of my grades if I read the email right. They being my in state florida university. The thing is they not only raised the amount I can take out but had me take out more. Now I've taken out 3700 hundred instead of 3250 and I can swear I never changed the amount I had written in originally. Okay. Let's take this one step at a time, because frankly this post is really hard to read. 1. Your school gave you too much money. Either you will have to pay that back, or your school will return the $450 to the school, which they do all the time. However, if your school said you need 3700, you probably need 3700. If you don't, they'll either send the money back to the servicer or to you. I'd talk to your financial aid officer whenever possible to clear this up. 2. Repaying your loan. Yes, make payments to your loan while in repayment. The interest that accrues daily is all based off of your principal balance, and if you can get that principal balance down while you're in deferment, it's a benefit. And yes, if you pay it off within 120 days, there will be no interest.
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Sep 20, 2011 03:32
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When I start repaying my loan will my payment go towards my uni or towards Stafford? If my loan is strictly between Stafford and myself and Stafford and if theres a chance for for some reason wasn't updated with this 450 dollar change from the original amount on my promissory note, I now owe the school the extra 450 dollars?
Kneel Before Zog fucked around with this message at 03:51 on Sep 20, 2011 |
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Sep 20, 2011 03:43
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